Legacy Builders: Strategies for Building Successful Family Enterprises

In this engaging episode of "Legacy Builders," Cory Gagnon, your host, deepens our understanding of family business legacies with the guidance of the esteemed David Blom from Black Blackwood Family Enterprise Services. Together, they unravel the intricate fabric of generational continuity and the imperative task of defining, protecting, and evolving these unique legacies.

David masterfully illustrates the need for family businesses to stay flexible, adapt to changing times, and spell out their legacy's essence. The story of a family constitution initially centered on entrepreneurship, then embracing excellence and accommodating diverse family visions, serves as a poignant example. Key themes include entrepreneurial spirit, pursuit of excellence, navigating conflicts, ever-evolving family narratives, and the delicate fusion of business and personal relationships. 

Amidst these discussions, David underlines the vital role of nurturing relationships and establishing shared family perspectives, ultimately ensuring the enduring prosperity of family enterprises. This episode is a goldmine of wisdom, offering invaluable insights for anyone interested in securing the future of family businesses across generations.

About David Blom

Passionate about helping enterprise families gain strategic advantages to increase performance. Senior Advisor

Inspired by working in his family’s glass construction company, David obtained a CA designation to help other enterprising families. Specializing in providing tax services, David has over 30 years of experience in providing estate and succession planning to enterprising families. Seeing how families and companies

were negatively impacted by inadequate succession planning motivated David to obtain his FEA designation and develop his own enterprise advisory practice. Competence and caring

A skilled family enterprise advisor, David wants Blackwood’s enterprising families to develop a clear picture of their purpose and long-term vision. 

He is excited by the sense of calm and focus that a family gets when they see clarity in their future direction. Building from the big picture and working on the vital, but sometimes non-urgent matters, David helps families make consistent and better strategic

decisions. His extensive experience in tax planning, governance, and business succession mean David can step back and look at all aspects of a problem or an opportunity and guide a plan that is specific to each family’s unique DNA. Passionate about conservation David is a passionate outdoorsperson and conversationist. Raised with the attitude that we all have a

responsibility to leave the land in a better state than we found it, David has a 30-year volunteer career with Ducks Unlimited Canada working to conserve wetlands and protect clean water. After serving as president, David retired as Chairman of the Board in 2022.

David especially enjoys his time with his wife Joann, children, and grandchildren in Calgary and Nova Scotia.
 

Resources discussed in this episode:

• Blackwood Family Enterprise Services: blackwoodfes.com/
• Grant Thornton: https://www.grantthornton.com/
• Patrick O'Connor: https://www.linkedin.com/in/patrick-o-connor-0a23a320/?originalSubdomain=ca
• Joel Hunter: https://www.linkedin.com/in/joel-hunter-0784515b/?originalSubdomain=ca
• Willing Wisdom by Thomas Deanes: https://www.amazon.com/Willing-Wisdom-Thomas-William-Deans/dp/0980891027

Contact Cory Gagnon | Beacon Family Office at Assante Financial Management Ltd. 

• Website: BeaconFamilyOffice.com
• LinkedIn: Cory Gagnon
• Linkedin: Beacon Family Office
• Email: [email protected]

Contact David Blom | Blackwood Family Enterprise Services: 

• Website: blackwoodfes.com/
• LinkedIn: linkedin.com/in/david-blom-66593126
• Email Address: [email protected]
• Phone Number: (587) 229-4476

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In this episode of "Legacy Builders," Cory Gagnon navigates the intricacies of family and business well-being while unraveling the enigmatic "happiness factor." Happiness emerges as a pivotal component in the prosperity of family enterprises. It is shown that a content family, in which individuals find happiness, operates with enhanced effectiveness and communication, fostering commitment to both the business and one another. Notably, happiness also acts as a magnet for cultivating a positive company culture and attracting high-caliber employees and customers.

Illustrating these principles, the episode recounts the journey of the Trudel family, who manage an organic farm and transform their business dynamics by addressing concerns and implementing systems that promote recognition and connection. The episode emphasizes the significance of shared visions, formal governance structures, role clarity, and robust succession planning in balancing the intertwined needs of family and business. This insightful discussion underscores the indispensable role of happiness in family enterprises and offers strategies to harmonize familial relationships and mitigate the repercussions of ineffective family dynamics.

Resources discussed in this episode:

• Divyanka Tripathi - https://www.instagram.com/divyankatripathidahiya/?hl=en
• Perpetuating the Family Business by John L. Ward - https://www.amazon.com/Perpetuating-Family-Business-Successful-Publication/dp/1403933979
• "Family Bonding Improves Family Business Success” By David Bork - https://www.familybusinessmatters.consulting/family-bonding-improves-family-business-success/
• Riches (TV Series 2022) - https://www.imdb.com/title/tt13427680/

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Contact Cory Gagnon | Beacon Family Office at Assante Financial Management Ltd. 

• Website: BeaconFamilyOffice.com
• LinkedIn: Cory Gagnon
• Linkedin: Beacon Family Office
• Email: [email protected]

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In this episode, Shauna Frederick, a renowned expert in family enterprise advising, engages in a thought-provoking discussion with host Cory Gagnon. The conversation begins with Shauna emphasizing the value of acknowledging uncertainty and the power of saying "I don't know." She underscores how this humility can be a key strength, especially for individuals, including women, entering family enterprises.

The discussion then delves into the challenges faced by the rising generation in family enterprises. Shauna highlights the unrealistic expectation of immediate expertise and the importance of fostering a culture of learning and open communication within these businesses. The keywords here include "humility," "education," "communication," and "rising generation."

The episode also explores the role of advisors in family enterprises. Shauna advises a collaborative approach, emphasizing the significance of advisors understanding the multifaceted dynamics within these enterprises. The key concepts discussed here include "family community," "listening," "relationship-building," and "comprehensive advice."

About Shauna Frederick

As a skilled Chartered Professional Accountant and Family Enterprise Advisor, Shauna has experience not only as a female entrepreneur, but as an on-the-go CFO who helps take the frustration and anxiety out of the accounting unknowns. Working with entrepreneurs from across a variety of sectors, Shauna helps them navigate the financial and accounting challenges that come with running a business.

Shauna is passionate about entrepreneurship, diversity and advancing the rights of women and girls. She’s volunteered for various organizations in Treasury, Co-Chair and Chair roles. Shauna’s been able to connect with and learn from many female entrepreneurs, oversee committees across Canada, work with external partners and Government officials and co-lead the creation and delivery of a Girls’ Leadership Program, a

5-week program focused on building leadership skills in girls.

Resources discussed in this episode:

• Adam Grant - https://adamgrant.net/
• The Finance Cafe Podcast https://thefinancecafe.ca/tfc-podcast/
• Family Enterprise Canada - https://familyenterprise.ca/

Contact: Cory Gagnon | Beacon Family Office at Assante Financial Management Ltd. 

• Website: BeaconFamilyOffice.com
• LinkedIn: Cory Gagnon
• Linkedin: Beacon Family Office
• Email: [email protected]

Contact: Shauna Frederick | The Finance Cafe: 

• Website: https://thefinancecafe.ca/
• Instagram: https://www.instagram.com/thefinancecafeofficial/
• LinkedIn: https://www.linkedin.com/in/shaunafrederick/
• Email: [email protected]

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Welcome to episode 6, where we unravel the intricacies of wealth transition and the vital role of family values in preserving legacies.  

In this episode, we delve into the art of aligning family values with astute financial strategies. I bring over a decade of experience advising family enterprises to the forefront, sharing real-life stories that highlight the transformative power of values-driven wealth transition.

Discover practical strategies such as tailored curriculum development and holistic financial literacy, and learn how experts like wealth advisors and estate planning lawyers can be your allies in achieving a seamless wealth transition.  

Resources discussed in this episode:

"Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values" (book by Roy Williams and Vic Preisser)

"Family Wealth Continuity: Building a Foundation for the Future" (book by Courtney Pullen)

Contact Cory Gagnon | Beacon Family Office at Assante Financial Management Ltd.  

Website: BeaconFamilyOffice.com

LinkedIn: Cory Gagnon

LinkedIn: Beacon Family Office

Email: [email protected]

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In this episode, we're joined by Cindy Radu, a seasoned finance professional with 35+ years of experience. Her journey is a testament to seizing opportunities and overcoming challenges. Cindy's diverse career spans legal, fiduciary, trust, and governance realms, granting her a holistic grasp of wealth complexities. Her impressive credentials include B.Comm, FCPA, LL.B., LL.M, TEP, ICD.D, and Family Enterprise Advisor.

Cindy also believes education empowers individuals to be responsible stewards of their wealth. Advisors play a pivotal role in facilitating this process.

Aligning multiple generations within a family enterprise is critical for effective decision-making. Good governance requires creating conditions for sound decisions, with education being a vital factor.

We also discussed essential strategies for successful family enterprise leaders. Education, encompassing financial literacy, governance, and decision-making skills, is fundamental. She highlights the challenge of leaving estate planning and wealth transition too late, emphasizing the need for comprehensive planning.

Successful leaders exhibit qualities such as lifelong learning, active listening, and a collaborative mindset. They collaborate with advisors and family members to make informed decisions.

Cindy mentions resources available through Tamarind Learning, including an online platform and assessment tools. She's also contributing a chapter titled "Intellectual Capital: The Key to Good Governance in Family Enterprises" to the book "Rising the Boab," set to be released later this year. This chapter underscores the importance of intellectual capital and education in family governance.

Meanwhile, Cindy encourages families to proactively approach education and governance and seek advice from advisors to ensure a smooth transition of wealth. Thank you for joining us for this insightful conversation with Cindy Radu, where we hope you found her perspectives valuable and informative.

Join in us with Cindy Radu's remarkable journey in the world of finance and wealth transition, emphasizing the importance of education and lifelong learning in empowering individuals and families to navigate the complexities of wealth management and ensure successful family enterprises.

About [Cindy Radu]

Cindy Radu boasts a distinguished career spanning over 35 years, brimming with expertise in the intricate world of finance and wealth transition. Her professional journey has traversed diverse domains, including legal, fiduciary, trust, and governance matters, affording her an exhaustive understanding of the complexities inherent in wealth management. Armed with an impressive array of credentials, including B.Comm, FCPA, LL.B., LL.M, TEP, ICD.D, and Family Enterprise Advisor, Cindy stands as a dedicated member of esteemed organizations like TEC Canada, STEP, the Purposeful Planning Institute, and the Family Firm Institute. 

Marrying legal acumen with financial proficiency, she has solidified her reputation as a go-to specialist in tax and trusts, a trusted resource for high-net-worth and ultra-high-net-worth families seeking guidance in wealth transition. Her journey is a testament not just to seizing opportunities and surmounting challenges but also to the transformative influence of education and lifelong learning. These are principles she ardently champions in her mission to empower individuals and families to effectively manage their wealth.

Resources discussed in this episode:

• Tamarind Learning Canada hmps://tamarind learning.ca/
• There are lots of cool free resources for families including this wealth education assessment: hmps://tamarindlearning.ca/resources/wealth-self-assessment-cad/
• My fiction book recommendation which is “Horton Hears a Who” by author Dr Seuss hmps://canadian family offices.com/
• Tom Mccullough https://www.northwoodfamilyoffice.com/our-team/tom-mccullough
• Matt Fullbrook https://www.rotman.utoronto.ca/FacultyAndResearch/Faculty/ExecutivesInResidence/Fullbrook
• Rising The Boab - Expected to be released later this November or December

Contact Cory Gagnon | Beacon Family Office at Assante Financial Management Ltd. 

• Website: BeaconFamilyOffice.com
• LinkedIn: Cory Gagnon
• Linkedin: Beacon Family Office
• Email: [email protected]

Contact Cindy  Radu

• Website: https://cindyradu.com/
• Twitter: @radu_cindy
• LinkedIn: @RaduCindy
• Email: [email protected]
• Phone: (403) 465-1926

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Defining Philanthropy:

• Philanthropy is introduced as a means of improving the world by utilizing available resources.
• Melinda Gates' quote on philanthropy is shared to emphasize its significance.
• Philanthropy's role in legacy planning is discussed, focusing on passing down shared values and making a positive impact on society.

Generational Wealth and Philanthropy:

• Generational wealth is explained as a collection of assets built over time, providing financial stability and opportunities for future generations.
• Incorporating philanthropy into wealth management allows individuals and families to align their values with their financial decisions.
• Philanthropy goes beyond financial success, offering a sense of purpose and fulfillment.

Starting the Philanthropic Journey:

• Recommendations are provided for those new to philanthropy, including starting small, identifying causes of interest, and seeking guidance from professionals.
• The benefits of philanthropy in strengthening family bonds and instilling social responsibility are highlighted.

The Two Dimensions of Philanthropy:

• Philanthropy's focus on creating lasting and sustainable change is discussed, emphasizing addressing root causes and filling gaps through innovation.
• The example of a client, Jane, is used to illustrate the transformative power of integrating philanthropy into wealth management.

Engaging the Rising Generation:

• The importance of uniting family members around a common philanthropic cause is emphasized.
• Uniting generations fosters a sense of social responsibility and a culture of generosity.
• Family philanthropy can work in collaboration with other organizations on a global scale.

Benefits of Philanthropy:

• Philanthropy's influence, ability to bring about change, and role in advocating for social causes are highlighted.
• Emotional and personal benefits for donors, including increased well-being, are discussed.
• Philanthropy as a means of fulfilling social responsibility and leaving a positive legacy is explained.
• Tax benefits and improved networking and reputation are additional benefits.

Timing for Philanthropy:

• Considerations for determining the best time to start philanthropy are outlined, including ensuring financial stability and alignment of values.
• The personal nature of the philanthropic journey and its adaptability over time are emphasized.

Not Giving Back and Its Impact:

• The significant impact of not giving back on society is discussed.
• Insufficient support for social causes, limited funding for research and innovation, and less progress in critical areas are consequences of reduced philanthropy.

Further Learning:

• Recommendations for learning more about philanthropy, including book and Netflix series suggestions, are provided.

Conclusion:

• The episode concludes by summarizing the potential for positive change through family philanthropy.
• The significance of making a meaningful impact and shaping a better world for future generations is emphasized.

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Introduction:

● Host Cory introduces Gena Rotstein, a leading figure in Canada's social enterprise and philanthropy realm.

● Her unique journey and perspective promise a captivating conversation.

From Collaboration to Innovation: Karma & Cents:

● Cory sheds light on Gena's collaboration with Richard Ouellette,, which gave rise to Karma & Cents, an innovative social impact lab.

● This venture stands as a testament to Gena's dedication to driving positive change in society.

A Unique Perspective on Wealth's Purpose:

● Gena's journey is colored by her distinctive perspective as a member of the rising generation.

● This cohort redefines the purpose of wealth, moving beyond financial success to contribute to a greater societal impact.

Guidance to Ultra-High Net-Worth Families:

● Gena's insights extend to ultra-high net-worth families, where she weaves family values, financial success, and social change into a cohesive tapestry of guidance.

Learning Through Failure: A Path to Strength:

● Through personal experience, Gena highlights the transformative power of immersing oneself in failure.

● She encourages individuals to confront challenges head-on, emerging stronger and more resilient.

Challenges in Philanthropic Understanding:

● Gena delves into the complexities surrounding philanthropy and charitable giving.

● She highlights the need for donors to ask the right questions, aiming to truly understand the impact of their contributions.

Redefining Philanthropy: The Birth of Social Purpose Businesses:

● Gena's experience leads her to rethink the concept of philanthropy.

● She discusses the emergence of social purpose businesses and how these endeavors

contribute to solving social issues.

Starting with "Why" in Philanthropy:

● Gena shares her approach to advising families on setting up their foundations. Instead of focusing on a dollar amount, she helps them identify their "why" and create a roadmap for impactful philanthropy.

● She emphasizes the importance of curiosity and empathy in this process.

Family Enterprise and Multi-Generational Continuity:

● Exploring multi-generational continuity, Gena talks about the challenges and strategies

for passing down family values and stories.

● She discusses the use of visual tools and storytelling techniques to keep family legacies alive.

Qualities of Successful Family Enterprise Leaders:

● Gena identifies curiosity, empathy, and active listening as key qualities for successful family enterprise leaders.

● She elaborates on each quality and highlights their significance in navigating complex

philanthropic landscapes.

Event 1: "Funding Systems-Level Change" with Paul Born

Date: September 13th

Time: 10 AM Mountain Time

Description: Join us for a thought-provoking conversation with Paul Born, founder and past CEO

of the Tamarack Institute. Discover insights into funding systems-level change and gain valuable perspectives on philanthropic strategies.

Event 2: "Enabling the Next Generation of Leaders" with Peter Jaswick

Date: November 15th

Time: 10 AM Mountain Time

Description: Don't miss this engaging session with Peter Jaskiewicz, a professor at the Telfer School of Business at the University of Ottawa. Explore strategies for nurturing and empowering.

the next generation of leaders in philanthropy and social impact.

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Summary: 

This episode delves into the critical role of governance in family enterprises. It emphasizes how governance serves as the foundation for efficient and transparent family offices and businesses. The necessity of family governance is highlighted, particularly in the contexts of family offices, wealth management, succession planning, and estate planning. A practical scenario involving a family business also illustrating the benefits of structured family governance, including transparency, communication, and defined roles.

Importance of Governance in Family Enterprises:

• The significance of a robust governance structure for family offices and businesses is discussed.
• Governance is compared to the foundation of a successful family office, ensuring efficiency and transparency.
• A quote by Friedrich Nietzsche is shared to emphasize the role of love and unity in family governance.

Love, Unity, and Governance:

• Friedrich Nietzsche's words are used to illustrate the importance of trust and cooperation in family governance.
• The analogy of love as "oil that eases friction" and "cement that binds" is extended to governance.
• A well-crafted governance structure is shown to promote unity, trust, and shared values within a family.

Why Family Governance is Needed:

• The necessity of a governance strategy for efficient, transparent, and ethical family enterprise operation is explained.
• The relevance of family governance to family offices, wealth management, succession planning, and estate planning is noted.
• Cory Gagnon's experience in wealth management and family governance is mentioned.

Practical Scenario: John's Family Business:

• A scenario involving a family business led by John is presented.
• The family's decision to establish a family council and hold individual discussions with family members is discussed.
• The role of the family council in strategic decision-making is explained.

Benefits of Family Governance:

• The benefits of structured family governance are highlighted, including transparency, communication, and defined roles.
• The example of Craig E. Aronoff's quote on effective shareholders in family businesses is used to stress the importance of engagement, education, and collaboration.

Consequences of Not Implementing Governance:

• The potential consequences of lacking family governance are outlined, including conflicts, communication breakdowns, and inefficiencies.
• Decision-making challenges and accountability issues in the absence of governance are discussed.
• The importance of clear governance structures is emphasized.

Identifying Family Governance Components:

• The three components of family governance, periodic family assemblies, family council meetings, and a family constitution, are explained.
• Their roles in promoting communication, decision-making, and shared values are discussed.
• Reference is made to a Harvard Business School article on family governance.

Recommended Resources:

• Book recommendations for further learning on family governance are provided, including "Family Business Governance" by Craig E. Aronoff and "Harvard Business Review's Family Business Handbook" by Josh Baron and Rob Lachenauer.
• A TV show recommendation, "Succession," is suggested for those interested in fictional portrayals of family business dynamics.

Conclusion:

• The episode concludes by emphasizing the importance of structured governance for successful family enterprises.

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Summary: 

In this episode, Cory introduces Trudy Pelletier, an expert in communication and governance for family enterprises. Trudy shares her inspiring journey, emphasizing the importance of understanding childhood experiences and living life with purpose. She defines her role as facilitating difficult conversations within families and highlights the need for open communication, especially regarding money matters. Trudy also addresses handling resistance within families and discusses common challenges in wealth transition, including unresolved family history. She explains the initial steps in starting family conversations and strategies for overcoming biases and stories that hinder effective communication. Finally, Trudy identifies three key qualities of successful family enterprise leaders: purpose, acceptance, and curiosity.

Introduction:

• Cory introduces the episode and guest, Trudy Pelletier, an expert in communication and governance for family enterprises.
• Trudy's extensive background includes 14 years of experience in private and family enterprises, holding designations in family enterprise advising, certified exit planning, executive coaching, and mediation.

Trudy's Inspirational Journey:

• Cory asks Trudy to share her inspiring journey and lessons learned.
• Trudy recounts a pivotal childhood moment when she decided to help people communicate better, leading her to her current career.
• She emphasizes the importance of understanding how childhood experiences shape our lives and the need to live life with purpose and self-regulation.

Facilitating Better Communication:

• Trudy defines her role as facilitating difficult conversations within families, making them easier by promoting positive intent, compassion, and acceptance.
• She highlights the necessity for families with wealth and businesses to engage in these conversations, especially regarding money matters.
• Trudy emphasizes that improving communication within families is an inside-out process.

Addressing Resistance in Family Communication:

• Cory asks about handling resistance from family members who avoid difficult conversations.
• Trudy explains that resistance is natural and offers coaching to deal with it effectively.
• She discusses how brain-driven behavior can hinder communication and progress.

Challenges in Wealth Transition:

• Trudy discusses common challenges families face in wealth transition and continuity, including unresolved family history impacting communication and affinity.

Starting Family Conversations:

• Trudy explains the initial steps in initiating these conversations, often starting with one family member.
• She emphasizes the importance of meeting with the entire family to assess their needs and her suitability for the task.

Overcoming Biases and Stories:

• Trudy addresses strategies for overcoming biases and stories that hinder effective communication, emphasizing the need for personal responsibility and building communication skills.

Qualities of a Successful Family Enterprise Leader:

• Cory asks Trudy about the top three qualities she believes successful family enterprise leaders possess.
• Trudy identifies purpose, acceptance, and curiosity as essential qualities for success in this role.

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Cory Gagnon doesn’t just love supporting multi-generational families every day. He loves digging into topics and sharing information that matters to family enterprises! In Legacy Builders: Strategies for Building Successful Family Enterprises, Cory, Senior Wealth Advisor with Beacon Family Office at Assante Financial Management Ltd, dives deep to share ways for business owners, family stewards, and the rising generation in family enterprises to take control of their wealth and build a lasting legacy. Through interviews with industry experts and solo talks, each episode provides understandable and actionable strategies and insights on complete wealth management. From navigating family dynamics to developing a successful wealth transition plan and everything in between, this is the podcast to bring your legacy into the future. Subscribe today!

Contact Cory Gagnon | Beacon Family Office at Assante Financial Management Ltd. 

• Website: BeaconFamilyOffice.com
• LinkedIn: Cory Gagnon
• Linkedin: Beacon Family Office
• Email: [email protected]

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